Jacob Rees-Mogg has repeatedly denied that a new government policy proposal is a windfall tax. While there are some differences between the recent policy and what is thought of as a traditional windfall tax, experts told us they're very similar.
Mr Rees-Mogg insisted the policy is not a windfall tax, telling Today presenter Mishal Husain: “It is not a windfall tax. It's clearly not a tax. It's nothing to do with the profits.”
Mr Marshall said: “While a tax purist would say a windfall tax would be retroactive-only—it will be applied after the event, after the period in which windfall profits are made—there is precedent of an additional tax band being put on going forward as well.” Mr Marshall similarly told us: “A windfall tax would traditionally be levied on profits, so it would be like 'you have made too much money', whereas this is levied at the revenue level so it's like ‘your income, your revenue, your turnover is too high’ [...] To put something on revenue, to say 'your company can't earn more than this fixed amount', is, again, a slightly different approach to a traditional windfall tax.
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